European/US Market Update - Oil Rigs, Economic Data, Tax Code, NASDAQ set to open flat to lower

Oil and Metals up as Tech and Mid-Caps sell down.

Economic Data Scheduled For Monday

The Empire State manufacturing index for May is schedule for release at 8:30 a.m. ET.
The housing market index for May will be released at 10:00 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The Treasury International Capital data for March is schedule for release at 4:00 p.m. ET.

Major U.S. multinationals are pushing the Trump administration to deepen the tax break it has already tentatively proposed on $2.6 trillion in corporate profits being held offshore, a key piece in Washington's intricate tax reform puzzle.

As President Donald Trump tries to deliver on his campaign promise to overhaul the tax code, lobbyists for technology, drug and other manufacturers are working with officials behind closed doors, six lobbyists working with various industries told Reuters.

OIL:
The oil rig count has to go up another 140 rigs from current levels to stop the 2nd derivative from falling this quarter.
The rig count could double by the end of 2018 but the rate of change would continue to decline. Arguably, the market is already discounting that decline. The oil-directed
rig count is up 67% year-on-year now. It is likely that rig count additions slow, the derivative declines to zero, inflects and
begins to move up again. The oil markets have grown concerned that the doubling of the rig count will lead to more
production growth than is needed to balance supply and demand.